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While specific case studies are not provided in the content, the effectiveness of Agile Project Management in avoiding the sunk cost fallacy can be inferred from its principles. Agile Project Management is customer-centric and flexible, allowing for multiple rounds of feedback and revisions. This flexibility enables stakeholders and participants to pivot as appropriate, avoiding the sunk cost fallacy that can occur in traditional models where a plan is followed through despite red flags. Agile also reduces time spent on documentation and administrative details, which can lead to costly overhead and detract from productive tasks.
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Has your project management approach led to exceeded budget and dragged out time-to-market? Our Agile Project Management presentation provides greater...
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Between traditional and agile project management methods, there are some key differences. Agile is very customer-centric, as it focuses product development on the end-user via multiple rounds of feedback and revisions. It is also flexible, which is a key point that separates it from the sunk cost fallacy that can happen in traditional models. This is where managers think just because a plan was made, it has to go through even if red flags show up in the process. Agile, on the other hand, gives stakeholders and participants the chance to pivot as appropriate, and either come up with a new iteration or start from scratch. The traditional method also focuses on documentation and time-consuming administrative details that team members feel compelled to complete but can require costly overhead. This can easily take valuable hours away from productive execution tasks.
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